MICL Gr to invest Rs 50 cr for residential property redevelopment in Mumbai

Mumbai-based real estate developer MICL Group (Man Infraconstruction Limited) will invest Rs 50 crore at the group level for the residential redevelopment of a luxurious Virgo property at Mumbai's Pali Hill. MICL Group said that the redevelopment would see commitment and attention to detail come together, promising an exceptional living experience. With a limited number residential apartments, this project offers a rare opportunity for luxury living.

"We are delighted to share the news of our latest luxury development in one of Mumbai's most sophisticated and affluent neighborhoods. Taking on this redevelopment opportunity, we are strategically expanding our real estate portfolio within the luxury segment, responding to the great demand and absorption in this segment. This development aligns with our strategic priority of expanding our presence in real estate,” said Manan Shah, the MD of MICL Group.

NSE-listed MICL, through one of its associate entities, holds a 34 per cent stake and will undertake the redevelopment of property belonging to Virgo Co-operative Housing Society Limited.

At present, the site comprises two buildings. The total plot area is 3414.8 million square feet. The residents represent an affluent and cosmopolitan crowd, comprising professionals, celebrities, and entrepreneurs.

MICL group said that the redevelopment is of paramount significance in real estate due to its transformative impact on ageing or underutilised properties. It revitalises urban spaces, fostering economic growth and community rejuvenation. By repurposing outdated structures or neighborhoods, redevelopment enhances property value, attracts investments, and addresses evolving societal needs. MICL also said that the redevelopment is in line with with sustainable development goals, promoting efficient land use and environmental conservation.

The site is located at Mumbai's Pali Hill, the epitome of upscale living with scenic views, affluent residences, and a vibrant cultural scene, surrounded by lush greenery. It features opulent homes, trendy boutiques, and gourmet eateries.